S. 953 2
1. "FUND" MEANS THE EXCELSIOR OPPORTUNITY FUND ESTABLISHED PURSUANT TO
SECTION NINE THOUSAND ONE HUNDRED TWO OF THIS ARTICLE.
2. "EO ACCOUNT" MEANS AN EXCELSIOR OPPORTUNITY ACCOUNT ESTABLISHED
UNDER SECTION NINE THOUSAND ONE HUNDRED THREE OF THIS ARTICLE.
3. "SUPERINTENDENT" MEANS THE SUPERINTENDENT OF THE DEPARTMENT OF
FINANCIAL SERVICES.
4. "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES.
5. "BOARD" MEANS THE EXCELSIOR OPPORTUNITY FUND BOARD ESTABLISHED
PURSUANT TO SECTION NINE THOUSAND ONE HUNDRED SIX OF THIS ARTICLE.
6. "EXECUTIVE DIRECTOR" MEANS THE EXECUTIVE DIRECTOR APPOINTED PURSU-
ANT TO SECTION NINE THOUSAND ONE HUNDRED SIX OF THIS ARTICLE.
7. "STOCK TRANSFER TAX FUND" MEANS THE FUND ESTABLISHED UNDER SECTION
NINETY-TWO-B OF THE STATE FINANCE LAW.
8. "ELIGIBLE-INDIVIDUAL" MEANS ANY INDIVIDUAL WHO:
(A) WAS BORN AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-FIVE;
(B) HAS A VALID SOCIAL SECURITY NUMBER;
(C) IS UNDER EIGHTEEN YEARS OF AGE;
(D) PRIMARILY RESIDES IN NEW YORK STATE; AND
(E) HAS HOUSEHOLD INCOME NOT EXCEEDING SEVEN HUNDRED PERCENT OF THE
FEDERAL POVERTY LINE FOR A FAMILY OF FOUR, AS DEFINED UNDER SECTION
36B(D) OF THE INTERNAL REVENUE CODE OF NINETEEN EIGHTY-SIX, AS AMENDED.
IN DETERMINING HOUSEHOLD INCOME UNDER THIS SECTION, "HOUSEHOLD INCOME"
MEANS THE ADJUSTED GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES REPORTED
ON THE LATEST AVAILABLE FEDERAL OR STATE INCOME TAX RETURN FILED BY EACH
MEMBER OF HOUSEHOLD, PROVIDED THAT FOR MARRIED COUPLES FILING INDIVID-
UALLY, HOUSEHOLD INCOME SHALL INCLUDE THE COMBINED ADJUSTED GROSS INCOME
REPORTED FOR BOTH SUCH INDIVIDUAL RETURNS.
§ 9102. EXCELSIOR OPPORTUNITY FUND ESTABLISHED. 1. THERE IS HEREBY
ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE
COMMISSIONER OF TAXATION AND FINANCE A SPECIAL FUND TO BE KNOWN AS THE
"EXCELSIOR OPPORTUNITY FUND".
2. MONIES OF THE FUND. THE FUND SHALL CONSIST OF THE SUM OF ALL
AMOUNTS PAID INTO THE FUND UNDER THIS ARTICLE, INCREASED BY THE TOTAL
NET EARNINGS FROM INVESTMENTS OF SUMS HELD IN THE FUND OR REDUCED BY THE
TOTAL NET LOSSES FROM INVESTMENTS OF SUMS HELD IN THE FUND, AND REDUCED
BY THE TOTAL AMOUNT OF PAYMENTS MADE FROM THE FUND, INCLUDING PAYMENTS
FOR ADMINISTRATIVE EXPENSES.
3. USE OF THE FUND. (A) THE SUMS IN THE FUND ARE APPROPRIATED AND
SHALL REMAIN AVAILABLE WITHOUT FISCAL YEAR LIMITATION:
(I) TO MAKE CONTRIBUTIONS TO EO ACCOUNTS PURSUANT TO SECTION NINE
THOUSAND ONE HUNDRED THREE OF THIS ARTICLE;
(II) TO MAKE INVESTMENTS PURSUANT TO SECTION NINE THOUSAND ONE HUNDRED
SIX OF THIS ARTICLE;
(III) TO MAKE DISTRIBUTIONS IN ACCORDANCE WITH THIS ARTICLE;
(IV) TO PAY THE ADMINISTRATIVE EXPENSES OF CARRYING OUT THIS TITLE;
AND
(V) TO PURCHASE INSURANCE AS PROVIDED IN SECTION NINE THOUSAND ONE
HUNDRED SIX OF THIS ARTICLE.
(B) THE MONIES OF THE FUND SHALL NOT BE APPROPRIATED OR USED FOR ANY
PURPOSE OTHER THAN THE PURPOSES SPECIFIED IN THIS ARTICLE.
4. TRANSFERS TO THE FUND. THE SUPERINTENDENT SHALL MAKE TRANSFERS FROM
THE STOCK TRANSFER TAX FUND TO THE EXCELSIOR OPPORTUNITY FUND AS
FOLLOWS: (A) UPON RECEIPT OF A CERTIFICATION UNDER PARAGRAPH (A) OF
SUBDIVISION SIX OF SECTION NINE THOUSAND ONE HUNDRED THREE OF THIS ARTI-
CLE, THE SUPERINTENDENT SHALL MAKE AN INITIAL CONTRIBUTION OF ONE THOU-
SAND DOLLARS TO SUCH INDIVIDUAL'S EO ACCOUNT.
S. 953 3
(B) FOR EACH SUBSEQUENT YEAR FOLLOWING AN INITIAL CONTRIBUTION MADE
PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION, AND FOR EACH ACCOUNT
CERTIFIED UNDER PARAGRAPH (B) OF SUBDIVISION FIVE OF SECTION NINE THOU-
SAND ONE HUNDRED THREE OF THIS ARTICLE, THE ANNUAL CONTRIBUTION AMOUNT
SHALL BE FIVE HUNDRED DOLLARS UNTIL THE INDIVIDUAL ATTAINS AGE EIGHTEEN
OR IS OTHERWISE DETERMINED TO BE INELIGIBLE.
§ 9103. EO ACCOUNTS. 1. ESTABLISHMENT. THE EXECUTIVE DIRECTOR SHALL
ESTABLISH WITHIN THE FUND AN "EXCELSIOR OPPORTUNITY ACCOUNT" OR "EO
ACCOUNT" FOR EACH ELIGIBLE-INDIVIDUAL CERTIFIED UNDER SUBDIVISION FIVE
OF THIS SECTION. EACH SUCH ACCOUNT SHALL BE IDENTIFIED WITH ITS ACCOUNT
HOLDER BY MEANS OF A UNIQUE PERSONAL IDENTIFIER CURRENTLY RECOGNIZED BY
THE INTERNAL REVENUE SERVICE AND SHALL REMAIN IN THE EXCELSIOR OPPORTU-
NITY FUND.
2. ACCOUNT BALANCE. THE BALANCE IN AN ACCOUNT HOLDER'S EO ACCOUNT AT
ANY TIME IS THE EXCESS OF THE SUM OF:
(A) ALL DEPOSITS MADE INTO THE FUND AND CREDITED TO SUCH ACCOUNT UNDER
SUBDIVISION THREE OF THIS SECTION; AND
(B) THE TOTAL AMOUNT OF ALLOCATIONS AND REDUCTIONS MADE TO THE ACCOUNT
PURSUANT TO SUBDIVISION FOUR OF THIS SECTION; LESS
(C) AMOUNTS PAID OUT OF THE ACCOUNT OR OTHERWISE DISTRIBUTED WITH
RESPECT TO SUCH INDIVIDUAL PURSUANT TO THIS ARTICLE.
3. CREDITING OF CONTRIBUTIONS. PURSUANT TO REGULATIONS PRESCRIBED BY
THE EXECUTIVE DIRECTOR, THE EXECUTIVE DIRECTOR SHALL CREDIT TO EACH EO
ACCOUNT THE AMOUNTS PAID INTO THE EXCELSIOR OPPORTUNITY FUND UNDER
SECTION NINE THOUSAND ONE HUNDRED TWO OF THIS ARTICLE WHICH ARE ATTRIB-
UTABLE TO THE HOLDER OF SUCH ACCOUNT.
4. ALLOCATION OF EARNINGS AND LOSSES. THE EXECUTIVE DIRECTOR SHALL
ALLOCATE TO EACH EO ACCOUNT AN AMOUNT EQUAL TO THE NET EARNINGS AND NET
LOSSES FROM EACH INVESTMENT OF SUMS IN WHICH ARE ATTRIBUTABLE, ON A PRO
RATA BASIS, TO SUMS CREDITED TO SUCH ACCOUNT, REDUCED BY AN APPROPRIATE
SHARE OF THE ADMINISTRATIVE EXPENSES PAID OUT OF THE NET EARNINGS, AS
DETERMINED BY THE EXECUTIVE DIRECTOR.
5. CERTIFICATION OF ACCOUNT HOLDERS. (A) AUTOMATIC CERTIFICATION FOR
CERTAIN INDIVIDUALS. FOR EACH CHILD BORN IN THIS STATE ON AND AFTER
JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, THE DEPARTMENT OF HEALTH, OR IN
THE CASE OF A CHILD BORN IN THE CITY OF NEW YORK, THE NEW YORK CITY
DEPARTMENT OF HEALTH AND MENTAL HYGIENE, SHALL TRANSMIT A COPY OF SUCH
CHILD'S CERTIFICATE OF BIRTH TO THE SUPERINTENDENT, THE SOCIAL SECURITY
NUMBER ISSUED TO SUCH CHILD, AND THE NAME, ADDRESS AND SOCIAL SECURITY
NUMBER OF EACH PARENT OR GUARDIAN OF SUCH CHILD. THE SUPERINTENDENT
SHALL THEREAFTER CERTIFY SUCH CHILD AS AN ELIGIBLE-INDIVIDUAL.
(B) CERTIFICATION OF OTHER INDIVIDUALS. IN THE CASE OF AN INDIVIDUAL
WHO IS NOT CERTIFIED UNDER PARAGRAPH (A) OF THIS SUBDIVISION, THE PARENT
OR GUARDIAN OF SUCH INDIVIDUAL MAY REQUEST THE ESTABLISHMENT OF AN EO
ACCOUNT UNDER SUBDIVISION ONE OF THIS SECTION BY APPLICATION TO THE
EXECUTIVE DIRECTOR. IF THE EXECUTIVE DIRECTOR DETERMINES THAT THE INDI-
VIDUAL ON WHOSE BEHALF THE APPLICATION IS MADE IS AN ELIGIBLE-INDIVIDU-
AL, THE EXECUTIVE DIRECTOR SHALL CERTIFY THE ELIGIBILITY OF SUCH INDI-
VIDUAL AND SHALL ESTABLISH AN EO ACCOUNT FOR SUCH INDIVIDUAL, PROVIDED
THAT THE INITIAL CONTRIBUTION AND EACH ANNUAL CONTRIBUTION TO SUCH
ACCOUNT SHALL BE FIVE HUNDRED DOLLARS.
6. RESTRICTIONS ON DISTRIBUTIONS. NO AMOUNT MAY BE DISTRIBUTED FROM AN
EO ACCOUNT BEFORE THE ACCOUNT HOLDER'S EIGHTEENTH BIRTHDAY, REGARDLESS
OF WHETHER SUCH INDIVIDUAL NO LONGER RESIDES IN THE STATE OR IS OTHER-
WISE INELIGIBLE FOR ANNUAL CONTRIBUTIONS UNDER THIS ARTICLE.
S. 953 4
§ 9104. ASSIGNMENT, ALIENATION, AND TREATMENT OF DECEASED ACCOUNT
HOLDERS. 1. ASSIGNMENT AND ALIENATION. AN INDIVIDUAL ACCOUNT HOLDER MAY
NOT ASSIGN, ALIENATE OR OTHERWISE DISPOSE OF ANY PORTION OF OR INTEREST
IN SUCH INDIVIDUAL'S EO ACCOUNT TO ANOTHER INDIVIDUAL. THE EXECUTIVE
DIRECTOR SHALL PROMULGATE RULES AND REGULATIONS BY WHICH AN INDIVIDUAL
MAY VOLUNTARILY ABANDON AN EO ACCOUNT.
2. ACCOUNTS OF DECEASED INDIVIDUALS. IN THE CASE OF A DECEASED ACCOUNT
HOLDER OF AN EO ACCOUNT WHICH HAS AN ACCOUNT BALANCE GREATER THAN ZERO,
UPON RECEIPT OF NOTIFICATION OF SUCH INDIVIDUAL'S DEATH, THE EXECUTIVE
DIRECTOR SHALL CLOSE SUCH ACCOUNT AND SHALL TRANSFER THE BALANCE OF THE
ACCOUNT TO THE EO ACCOUNT OF SUCH ACCOUNT HOLDER'S SURVIVING SPOUSE OR,
IF THERE IS NO SUCH ACCOUNT OF A SURVIVING SPOUSE, TO THE DULY APPOINTED
LEGAL REPRESENTATIVE OF THE ESTATE OF THE DECEASED ACCOUNT HOLDER, OR IF
THERE IS NO SUCH REPRESENTATIVE, TO THE PERSON OR PERSONS DETERMINED TO
BE ENTITLED THERETO UNDER THE LAWS OF THE DOMICILE OF THE DECEASED
ACCOUNT HOLDER.
§ 9105. ANNUAL CONTRIBUTION CERTIFICATION. THE EXECUTIVE DIRECTOR
SHALL ESTABLISH AND IMPLEMENT A PROCESS FOR PARENTS OR GUARDIANS OF
ACCOUNT HOLDERS TO ANNUALLY CERTIFY THEIR ELIGIBILITY TO RECEIVE AN
ANNUAL CONTRIBUTION PURSUANT TO PARAGRAPH (B) OF SUBDIVISION FOUR OF
SECTION NINE THOUSAND ONE HUNDRED TWO OF THIS ARTICLE. THE FORM SHALL BE
MADE AVAILABLE TO EACH PARENT OR GUARDIAN OF AN ACCOUNT HOLDER BY MAIL
AND ELECTRONIC MEANS, AND SHALL BE CONSPICUOUSLY POSTED AND MADE ACCES-
SIBLE ON THE DEPARTMENT'S WEBSITE.
§ 9106. RULES GOVERNING EO ACCOUNTS RELATING TO INVESTMENT, ACCOUNT-
ING, AND REPORTING. 1. INVESTMENT PROGRAM. THE SUPERINTENDENT SHALL
ESTABLISH AN INVESTMENT PROGRAM, AND THE BOARD SHALL INVEST MONIES OF
THE FUND IN DEBT OBLIGATIONS OF THE UNITED STATES GOVERNMENT WITH A TERM
OF THIRTY YEARS IN ACCORDANCE THEREWITH. THE INVESTMENT PROGRAM SHALL
AUTHORIZE THE BOARD TO PURCHASE INSURANCE ON INVESTMENTS MADE UNDER THIS
SECTION.
2. ACCOUNTING. THE EXECUTIVE DIRECTOR SHALL CREATE AND ESTABLISH
PROCEDURES FOR ACCOUNTING CONSISTENT WITH THE GOVERNMENTAL ACCOUNTING
STANDARDS BOARD.
3. CONFIDENTIALITY AND DISCLOSURE. EXCEPT AS OTHERWISE AUTHORIZED, THE
BOARD, THE EXECUTIVE DIRECTOR, AND ANY EMPLOYEE OF THE BOARD SHALL NOT
DISCLOSE INFORMATION WITH RESPECT TO THE FUND OR ANY ACCOUNT MAINTAINED
THEREIN. THE EXECUTIVE DIRECTOR MAY, SUBJECT TO THE RULES AND REGU-
LATIONS PROMULGATED FOR SUCH PURPOSE, DISCLOSE SUCH INFORMATION WITH
RESPECT TO AN INDIVIDUAL EO ACCOUNT TO SUCH PERSON OR PERSONS AS THE
ACCOUNT HOLDER OR PARENT OR GUARDIAN OF THE ACCOUNT HOLDER MAY DESIGNATE
IN A REQUEST FOR OR CONSENT TO SUCH DISCLOSURE, OR TO SUCH OTHER PERSON
AS THE ACCOUNT HOLDER OR HIS OR HER DESIGNEE MAY REQUEST, TO THE EXTENT
NECESSARY TO COMPLY WITH A REQUEST FOR INFORMATION OR ASSISTANCE MADE BY
SUCH ACCOUNT HOLDER OR DESIGNEE.
§ 9107. EXCELSIOR OPPORTUNITY FUND BOARD. 1. THE EXCELSIOR OPPORTUNITY
FUND BOARD IS HEREBY ESTABLISHED WITHIN THE DEPARTMENT. THE BOARD SHALL
WORK IN COLLABORATION WITH THE SUPERINTENDENT AND THE EXECUTIVE DIRECTOR
TO IMPLEMENT AND ADMINISTER THE PROVISIONS OF THIS ARTICLE.
2. THE BOARD SHALL CONSIST OF SEVEN VOTING MEMBERS, TO BE APPOINTED AS
FOLLOWS: THREE MEMBERS SHALL BE APPOINTED BY THE GOVERNOR, TWO MEMBERS
SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE, AND TWO
MEMBERS SHALL BE APPOINTED BY THE SPEAKER OF THE ASSEMBLY. MEMBERSHIP OF
THE BOARD SHALL, TO THE GREATEST EXTENT PRACTICABLE, CONSIST OF MEMBERS
REPRESENTING THE VARIOUS GEOGRAPHIC REGIONS OF THE STATE AND SHALL BE
BALANCED AND DIVERSE IN ITS COMPOSITION. MEMBERS SHALL HAVE EXPERTISE IN
S. 953 5
ECONOMICS, INVESTING, CHILD DEVELOPMENT, FAMILY ECONOMICS, GOVERNMENTAL
ACCOUNTING, AND/OR SUCH OTHER QUALIFICATIONS THAT THE APPOINTING AUTHOR-
ITIES DEEM NECESSARY.
3. THE CHAIRPERSON OF THE BOARD AND THE VICE CHAIRPERSON SHALL BE
ELECTED FROM AMONG THE MEMBERS OF THE BOARD BY A MAJORITY OF THE MEMBERS
OF SUCH BOARD. THE VICE CHAIRPERSON SHALL REPRESENT THE BOARD IN THE
ABSENCE OF THE CHAIRPERSON AT ALL OFFICIAL BOARD FUNCTIONS.
4. THE BOARD SHALL MEET AS FREQUENTLY AS ITS BUSINESS MAY REQUIRE. ALL
MEETINGS OF THE BOARD SHALL BE CONDUCTED IN ACCORDANCE WITH THE
PROVISIONS OF ARTICLE SEVEN OF THE PUBLIC OFFICERS LAW.
5. THE BOARD SHALL ASSIST IN THE DEVELOPMENT OF THE INVESTMENT PROGRAM
AND SHALL PROVIDE OVERSIGHT AND ADVICE REGARDING THE ADMINISTRATION OF
THE FUND AND EO ACCOUNTS.
6. THE BOARD SHALL DEVELOP AN EDUCATIONAL INITIATIVE THAT PROVIDES
INFORMATION AND INSTRUCTION ON FINANCIAL LITERACY, RECOMMENDED USES OF
THE DISTRIBUTION, AND BEST PRACTICES FOR WEALTH GENERATION UPON DISTRIB-
UTION OF AN EO ACCOUNT.
§ 9108. ACCOUNTS DISREGARDED IN DETERMINING ELIGIBILITY FOR STATE
BENEFITS. AMOUNTS IN AN EO ACCOUNT SHALL NOT BE CONSIDERED IN DETERMIN-
ING AN INDIVIDUAL'S OR HOUSEHOLD'S ELIGIBILITY FOR, OR THE AMOUNT OF,
ANY BENEFIT OR SERVICE, PAID FOR IN WHOLE OR IN PART WITH STATE FUNDS,
INCLUDING BUT NOT LIMITED TO ANY PUBLIC ASSISTANCE OR FINANCIAL ASSIST-
ANCE PROGRAM UNDER THE SOCIAL SERVICES LAW, ANY STUDENT FINANCIAL AID
PROGRAM AND ANY OTHER PUBLIC BENEFIT OR ASSISTANCE PROGRAM.
§ 9109. REPORTS. 1. REPORTS TO THE LEGISLATURE. THE EXECUTIVE DIREC-
TOR, IN CONSULTATION WITH THE SUPERINTENDENT, SHALL ANNUALLY TRANSMIT A
WRITTEN REPORT TO THE BOARD NO LATER THAN JANUARY FIRST OF EACH YEAR.
THE BOARD SHALL THEREAFTER SUBMIT SUCH REPORT, TOGETHER WITH ANY FIND-
INGS AND RECOMMENDATIONS THEREON TO THE LEGISLATURE. SUCH REPORT SHALL
INCLUDE A DETAILED DESCRIPTION OF THE STATUS AND OPERATION OF THE FUND,
THE MANAGEMENT OF EO ACCOUNTS; A DETAILED ACCOUNTING OF THE ADMINISTRA-
TIVE EXPENSES INCURRED IN CARRYING OUT THE PROVISIONS OF THIS ARTICLE,
INCLUDING THE RATIO OF SUCH ADMINISTRATIVE EXPENSES TO THE BALANCE OF
THE FUND AND THE METHODOLOGY ADOPTED BY THE EXECUTIVE DIRECTOR FOR ALLO-
CATING SUCH EXPENSES AMONG EXISTING EO ACCOUNTS.
2. REPORTS TO ACCOUNT HOLDERS. THE BOARD SHALL PRESCRIBE REGULATIONS
UNDER WHICH EACH INDIVIDUAL FOR WHOM AN EO ACCOUNT IS MAINTAINED SHALL
BE FURNISHED WITH AN ANNUAL STATEMENT RELATING TO SUCH ACCOUNT, WHICH
SHALL INCLUDE BUT NOT BE LIMITED TO:
(A) A STATEMENT OF THE BALANCE OF INDIVIDUAL'S EO ACCOUNT;
(B) A PROJECTION OF THE ACCOUNT'S GROWTH BY THE TIME THE INDIVIDUAL
ATTAINS THE AGE OF EIGHTEEN; AND
(C) SUCH OTHER INFORMATION AS THE SUPERINTENDENT AND BOARD DEEM RELE-
VANT.
§ 9110. TAX TREATMENT. THE EXCELSIOR OPPORTUNITY FUND AND EO ACCOUNTS
SHALL BE EXEMPT FROM TAXATION.
§ 2. Subdivision 1 of section 280-a of the tax law, as amended by
chapter 578 of the laws of 1981, is amended to read as follows:
1. Except as otherwise provided in subdivision fifteen of this
section, where a tax shall have been paid under this article a portion
of the amount paid shall be allowed as a rebate and such portion shall
be paid to the taxpayer but only to the extent that moneys are available
for the payment of such rebates in the stock transfer incentive fund
established pursuant to section ninety-two-i of the state finance law.
The portion of the amount of tax paid which is to be allowed as a rebate
shall be thirty percent of the tax incurred and paid on transactions
S. 953 6
subject to the stock transfer tax occurring on and after October first,
nineteen hundred seventy-nine and on or before September thirtieth,
nineteen hundred eighty and sixty percent of the tax incurred and paid
on such transactions occurring on and after October first, nineteen
hundred eighty and on or before September thirtieth, nineteen hundred
eighty-one and all of the amount of tax incurred and paid shall be
allowed as a rebate on transactions subject to the stock transfer tax
occurring on and after October first, nineteen hundred eighty-one AND ON
OR BEFORE SEPTEMBER THIRTIETH, TWO THOUSAND TWENTY-FIVE, AND FIFTY
PERCENT OF THE AMOUNT OF TAX INCURRED AND PAID SHALL BE ALLOWED AS A
REBATE ON TRANSACTIONS SUBJECT TO THE STOCK TRANSFER TAX OCCURRING ON
AND AFTER OCTOBER FIRST, TWO THOUSAND TWENTY-FIVE.
§ 3. Section 92-b of the state finance law, as added by chapter 91 of
the laws of 1965 and as renumbered and subdivision 5 as added by chapter
3 of the laws of 1966, subdivision 3 as amended by chapter 878 of the
laws of 1977, subdivision 4 as amended by chapter 724 of the laws of
1979 and subdivision 7 as added by section 10 of part SS1 of chapter 57
of the laws of 2008, is amended to read as follows:
§ 92-b. Stock transfer tax fund. 1. There is hereby established in the
custody of the commissioner of taxation and finance a special fund, to
be known as the stock transfer tax fund.
2. Such fund shall consist of the revenues derived from the stock
transfer tax imposed by article twelve of the tax law and all other
moneys credited or transferred thereto from any other fund or source
pursuant to law.
3. The moneys received from such tax and other sources in such fund,
after deducting the amount the commissioner of taxation and finance
shall determine to be necessary for THE reasonable costs of the state
tax commission in administering, collecting and distributing such tax,
commencing with the fiscal year ending March thirty-first, [nineteen
hundred seventy-seven, shall be appropriated to (i) the municipal
assistance corporation for the city of New York created pursuant to
title three of article ten of the public authorities law in order to
enable such corporation to fulfill the terms of any agreements made with
the holders of its notes and bonds and to carry out its corporate
purposes including the maintenance of the capital reserve fund and (ii)
to the extent such moneys are not required by such corporation as
provided in subdivision seven of section ninety-two-d of this chapter
and, after deducting the amount such commissioner shall determine to be
necessary for reasonable costs of the state tax commission in adminis-
tering and making distributions in accordance with the provisions of
section two hundred eighty-a of the tax law from the stock transfer
incentive fund, to the stock transfer incentive fund created pursuant to
section ninety-two-i of this chapter to enable rebates to be made from
such fund under the provisions of section two hundred eighty-a of the
tax law and (iii) to the extent such moneys are not required by such
fund, as certified by the commissioner of taxation and finance, the
balance shall be appropriated to the city of New York, for the support
of local government] TWO THOUSAND TWENTY-FIVE, THE BALANCE SHALL BE
DEPOSITED INTO THE ACCOUNT FOR THE EXCELSIOR OPPORTUNITY FUND ESTAB-
LISHED PURSUANT TO ARTICLE SEVENTEEN OF THE BANKING LAW.
4. [After the deduction of such costs of the state tax commission in
administering, collecting and distributing such tax, the balances in the
stock transfer tax fund so appropriated shall be distributed and paid on
the last business day of September, December, March and June into the
special account established for the municipal assistance corporation for
S. 953 7
the city of New York in the municipal assistance tax fund established
pursuant to subdivision one of section ninety-two-d of this chapter,
unless and to the extent the balances in such fund on each such payment
day are not required by such corporation as provided in said subdivision
seven of said section ninety-two-d in which case the balance not so
required, if any, after the deduction of such costs of the state tax
commission in administering and making distributions in accordance with
the provisions of section two hundred eighty-a of the tax law from the
stock transfer incentive fund shall be distributed and paid to the stock
transfer incentive fund in the custody of the commissioner of taxation
and finance established pursuant to section ninety-two-i of this chapter
and unless and to the extent that the balances in the stock transfer tax
fund on each such payment day are not required by the stock transfer
incentive fund as provided in such section ninety-two-i of this chapter
in which case the balance not so required, if any, shall be distributed
and paid to the chief fiscal officer of the city of New York to be paid
into the treasury of the city to the credit of the general fund or paid
by the commissioner of taxation and finance to such other account or
fund as may be designated in writing by such chief fiscal officer at
least ten business days prior to such last day and on each such day, the
commissioner of taxation and finance shall certify to the comptroller
the amount deducted for administering, collecting and distributing such
tax during such quarterly period and shall pay such amount into the
general fund of the state treasury to the credit of the state purposes
fund therein. In no event shall any amount (other than the amount to be
deducted for administering, collecting and distributing such tax) be
distributed or paid from the stock transfer tax fund to any person other
than the municipal assistance corporation for the city of New York
unless and until the aggregate of all payments certified to the comp-
troller as required by such corporation in order to comply with its
agreements with the holders of its notes and bonds and to carry out its
corporate purposes, including the maintenance of the capital reserve
fund, which remain unappropriated or unpaid to such corporation shall
have been appropriated to such corporation and shall have been paid in
full provided, however, that no person, including such corporation or
the holders of its notes or bonds shall have any lien on such tax and
such agreements shall be executory only to the extent of the balances
available to the state in such fund. If the balances in such fund are
not required by such corporation pursuant to the provisions of this
subdivision, on each such last business day of September, December,
March and June, the commissioner of taxation and finance shall certify
to the comptroller the amount deducted for administering and making
distributions in accordance with the provisions of section two hundred
eighty-a of the tax law from the stock transfer incentive fund during
such quarterly period and he shall pay such amount into the general fund
of the state treasury to the credit of the state purposes fund therein.
To the extent such moneys are not required by such corporation, as
provided in subdivision seven of section ninety-two-d of this chapter,
no amount thereof (other than such amount to be deducted for administer-
ing, collecting and distributing such tax and such costs in administer-
ing and making distributions in accordance with the provisions of
section two hundred eighty-a of the tax law from the stock transfer
incentive fund) shall be distributed or paid from the stock transfer tax
fund other than to such stock transfer incentive fund in the custody of
the commissioner of taxation and finance unless and until the aggregate
of all payments certified to the comptroller by such commissioner pursu-
S. 953 8
ant to the provisions of such incentive fund as necessary to provide
payments on account of rebates authorized pursuant to section two
hundred eighty-a of the tax law which remain unappropriated or unpaid to
such fund shall have been appropriated to such fund and shall have been
paid in full provided, however, that no person, including any taxpayer
under article twelve of the tax law or any member or dealer referred to
in subdivisions two-a and six of section two hundred eighty-a of such
law, shall have any lien on this fund or the stock transfer incentive
fund.
5. In no fiscal year shall the total amount paid from the fund exceed
the total collections during such fiscal year from the stock transfer
tax pursuant to the provisions of article twelve of the tax law and as
deposited to the credit of the stock transfer tax fund.
6.] All payments from the stock transfer tax fund shall be made on the
audit and warrant of the comptroller on vouchers approved by the commis-
sioner of taxation and finance.
[7. When all the notes and bonds of the municipal assistance corpo-
ration for the city of New York have been fully paid and discharged,
together with interest thereon and interest on unpaid installments of
interest, and the chairman of the corporation makes the final certif-
ication required by subdivision seven of section ninety-two-d of this
article, the comptroller must notify the commissioner of taxation and
finance that all remaining funds held in the stock transfer tax fund
must be released to the stock transfer incentive fund. From that time
forward, all funds previously deposited in the stock transfer tax fund
pursuant to subdivision two of this section will be deposited directly
into the stock transfer incentive fund pursuant to all the rules, regu-
lations or instructions that the commissioner may prescribe, after
deducting the amount the commissioner determines to be necessary for
reasonable costs of the department in administering, collecting and
distributing the tax imposed by article twelve of the tax law. Notwith-
standing any other provisions of this article, to the extent those
moneys are not required by the stock transfer incentive fund for the
purpose of administering and making distributions in accordance with the
provisions of section two hundred eighty-a of the tax law, as certified
by the commissioner of taxation and finance, the balance will be appro-
priated to the city of New York for the support of local government.]
§ 3. Paragraph (c) of subdivision 1 of section 93-b of the state
finance law, as added by section 1 of part H of chapter 60 of the laws
of 2015, is amended to read as follows:
(c) Sources of funds. The sources of funds shall consist of all moneys
collected therefor, or moneys credited, appropriated or transferred
thereto from any other fund or source pursuant to law or any other
moneys made available for the purposes of the fund, INCLUDING BUT NOT
LIMITED TO FUNDS TRANSFERRED FROM THE STOCK TRANSFER TAX FUND PURSUANT
TO SUBDIVISION THREE OF SECTION NINETY-TWO-B OF THIS ARTICLE. Any inter-
est received by the comptroller on moneys on deposit shall be retained
and become part of the fund, unless otherwise directed by law.
§ 4. Subsection (c) of section 612 of the tax law is amended by adding
a new paragraph 47 to read as follows:
(47) FOR TAXABLE YEARS BEGINNING ON AND AFTER TWO THOUSAND TWENTY-
FIVE, THE AMOUNT OF ANY CONTRIBUTION TO OR DISTRIBUTION FROM AN EXCELS-
IOR OPPORTUNITY ACCOUNT PURSUANT TO ARTICLE SEVENTEEN OF THE BANKING
LAW, TO THE EXTENT INCLUDIBLE IN FEDERAL ADJUSTED GROSS INCOME.
§ 5. This act shall take effect immediately.
